NEWS RELEASE 12/04/12

Financial Accounting Foundation Appoints Four New Members to the Financial Accounting Standards Advisory Council

Norwalk, CT, December 4, 2012—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of four new members to the Financial Accounting Standards Advisory Council (FASAC). The new members will serve a one-year term beginning January 1, 2013, and are eligible to be reappointed for three additional one-year terms. The FASAC is responsible for advising the Financial Accounting Standards Board (FASB) on strategic issues, project priorities, and other matters that affect accounting standards setting.

Members of the FASAC are chosen from a cross-section of the FASB’s stakeholders, including users, preparers, practitioners, associations, academics, and other parties interested in the integrity of full and complete financial reporting and disclosure.

In addition to naming the new appointees, the FAF renewed the terms of 30 current FASAC members for an additional year. Four FASAC members–William Clark, George Muñoz, Larry Probus, and Shannon Warren–will complete their service at the end of December 2012. The FAF expects to announce one additional appointment before the end of the year.

“We’re very pleased to welcome our new members to the FASAC,” said FASAC Chairman Charles H. Noski. “Each individual brings a unique professional perspective to the table, as well as a wealth of experience and insight that undoubtedly will be an invaluable source of input to the FASB as part of its standards-setting process.”

“The newly appointed FASAC members were selected based on their extensive and diverse experience in areas that rely on high-quality accounting standards,” added FAF President and Chief Executive Officer Teresa S. Polley. “We are confident that the new members will enable the FASAC to continue to contribute essential feedback to the FASB in its mission to develop accounting standards that bring greater transparency and integrity to financial reporting.”

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.